The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1887-12-07

90 that there ID no outlet In that direction.
| tfy A DOUBTFUL POWER.
In The present state OF leplslation tho
only pretenoo OF any existing executive
power to restore, at this time, any part
ol our surplus revenue to the people by
Ito expenditure, consists In the aupposi.
tion that the Secretary Of the Treasury
may enter the market and purchase the
bonds oil the Government not yet duo
a. q rate OF premium to bo agreed upon.
The only provision OF law from which
such power could he derived Ia found in
An appropriation bill passed number OF
years ago; and 1t Is suhj.ct to the sus.
p|clon that 1t was Intended as temporary
and limited In its application, instead Of
confsrring q continuing discretion and
authority. No condition ought to exist
which wonld juatify tho grant OF powot to
q single otiiclal, upon hia judgment oi its
necessity, TO withhold from or releaas to
tho business OF the psople, in an unusual
manner, money hold In the Treasury, and
thus Affect, at his will, the financial situs.
tion OF the country; and II 1t Ia doomed
wise to lodge In the Secretary ofthe Tresa.
ury the authority In the present juncture
to purchase bonds, 1t should be plainly
vested, and provided as far as possible,
with such checks and limitations IS will
define thia officials right and discretion,
and as tho sam. time relieve him from
undue responsibility.
bonds AT A PREMlUM. 49,
In considering the question Of purchss-
Ing bonds as means Of restoringts circu.
lation the Hurplus money sccumulstlng in
the Tleasury, i. should bo borne in mind
that premiums must Of courae bs paid
upon such purchase. that there may be q
large part Of thsae bonds held as invsst.
ments which cannot be purchased al any
price, and that combinations among hold.
ers who sre willingto sell, may unreasona.
bly, enhance tho cost Of such honda 10 the
90 eminent. II has been suggested that
the prsDent bonded debt might be refund.
ell at less rate Of interest, and the differ.
ence between the old and new security
paid In cash. thus finding uao for the sur.
plus in tho Treasury. This success Of this
plan, it Is apparent, must depend upon
the volition Of the holders Of the present
bonds; and tic not entirely certain that
the inducement which must be offered
them would rooult in more financial BEN
to tho Government than tho purchase
Of bonds, whilo tho latter proposition
would roducs the principal OF the debt
by actual payment, ius!sal Of extend.
insit. !,
Tho proposition to depoait tho money
held by thu Govcrnmenti in banks through
out tho country ior the use Of the people
is, It eeems to me, exceedingly objectiona.
bio in principle, ns establishing too close q
relationship bstween the operations of the
Government Treasury and the busineas of
the country, aud too extensive COM
minglirg Of their money, thus fostering an
unnatural reliance in private business
upon public funds. II thia echemeehould
bs adopted it should only bs done SIS u
temporary expsdisnt to meet an urgent
necessity. Legislative and executive etlcr.
ahould generally be ia the opposite direc.
ton, and should have tendency to di.
yorce, as much scd as iast as can safely bo
done, the Treasury Department from pri-
Vats enterprise.
WARNED AGAINST E1TRAYAGANcE.
Ol courCe. tits not expected .thatunnsce
cary aud ex.ravagant appropriations will
be msde for tho purpose Of avoiding the
accumulation Of an excsss OF revenue.
Such expenditure, beside the denoraliza-
ton OF a!l just conception Of public duty
which it entails, atimulstes y habit OF
recklaso improyidencs not in the least in
consistent with tho mission OF OCT peopls
or the high and bene1cen. purposea OF our
Government. have deemed it my duty
to thus bring to the knowledge Of my
countrymen, u we'll rs to the attention Of
their representatives charged with tho re-
sponsibijity Of legislative relief, the gravi-
~ Of our fnsncial situation. The failure
OF the Congreea heretofore to- provide
against the dangers which it WAS quite
evident tho very nature Of the difficulty
must necessarily produce cauned condi.
slon o! financial diatress and apprehension
since your last adjournment, which taxed
to tho utmcs. all the authority and expe-
dents within executive control and. these
appear nov to be exhausted. II disaster
results from the continued inact;on OF
Congress-, tho responsibility must rsst
where it belongs. Though the situation
thus far considered is fraught with dan.
ger which should be fully rsalizsd, and
though it presents features Of wrong to
the people as we'll as peril to the country.
it is bnt result growing out OF perfectly
palpable and apparent cause, consssntly
reproducing tho same alarming circum-
stancsa-. caujss!ed national treasury
and depleted monetary condition in the
business OF the country. 1t need hardly
be stated that while the present situation
demands remedy, we can only bs
saved from q like predicament in the
future by the removal Of it's cause.
AGAINST PROTECTION.
Our scheme CT taxation, by neans OF
which thiu nssdless surplus is taken from
the people and put into the public treas.
ury, consists OF q tariff or duty levied
upon importations from abroad and inter-
nal revenue taxes levied upon the con.
sumption Of tobacco and spirituous and
malt liquore. II must be conceded that
none Of the things subjected to internal
revsnuo taxation are, s.riotly speaking,
&c Ccesearies; there appears to be no just
complaint OF this taxation by the con-
sumers OF these articles, and there seems
to be nothing 80 we'll ablo to bear the
burden without hardship to any portion
OF the people. 81, -, g
But our present tariff laws, the vicious,
inequitable, aud illogical source Of IN.
necessary sxstion, ought to be at once
revised and amended. These laws, as
their primary and plain effect, raise tho
price to consumers Of all articles imported
and subject to duty, by precisely the sum
paid for such duties. Thus the amount oil
the duty measurea the tax paid by
those who purchase for use these i'm
ported a:tlcles. Many Of these things
however, are raised Or manufactured in
our own country, and the duties now le.
We'd upon foreign goods and pIoducta are
called protection to these home manuiac.
turors, because they render it possible for
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